Expansive Floor Plans: Well-maintained community featuring seventeen spacious 720 SF one-bedroom units and one 1,000 SF two-bedroom unit, with vaulted ceilings in the top floor units and one carport per unit.
Full Size Washer and Dryer: Each unit is equipped with full size washer and dryer.
Well Maintained Structure and Systems: Roof replaced in 2015, cooper plumbing throughout, and a low maintenance septic system.
Attractive Investment Opportunity: Offered at $206,000 per unit, $279 per square foot, and delivering a solid 6.02% cap rate.
Financing Options: Close with new debt – approximately $2.59M in proceeds at 5.57% on a 7-year term – or assume existing financing - $1.63M in proceeds at 3.73% with 4-years remaining.
Leasing Upside: Potential to increase current rents to market rate and capitalize on an additional 7.08% of revenue.
Value-Add Potential: While the majority of units have already received light updates, there remains significant upside through completing full renovations.
Convenient & Peaceful Location: Nestled in a quiet residential neighborhood, backed up to a green belt, just 2.5 miles from South Hill Mall and surrounding amenities.
Stabilized Asset: 100% occupied with zero delinquency.